The standard cost card for the single product manufactured by Cutter, Inc., Is given below Standard Standard Price Standard Cost Quantity Inputs Direct materials or Hours or Rate 3.8 yards 4.00 per yard 0.9 hours 17.00 per hour 0.9 hours 3.00 per hour 0.9 hours 6.00 per hour $15.20 Direct labor Variable overhead Fixed overhead 15.30 2.70 5,40 Total standard cost per unit $38.60 Manufacturing overhead is applied to production on the basis of standard direct labor-hours. During the year, the company worked 9,470 hours and manufactured 10,300 units of product. Selected data relating to the company's fixed manufacturing overhead cost for the vear are shown below Actual Fixed Overhead Fixed Applied to Work in Process Budgeted Fixed Overhead Overhead hours $? per hour $48,000 Budget variance, Volume variance, 58,820 F Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fixed overhead cost for the year? 3. What was the fixed overhead budget variance for the year? (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfevorable, and "None" for no effect (il.e., zero varlance). Input all amounts as positive values.) 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year? DLHs 1. Standard hours allowed for the year's production 2. Budgeted fixed overhead cost 3. Budget variance 4. Denominator activity DLHs